Russian cabinet extends option to conclude new investment deals for upgrading refineries

Russian cabinet extends option to conclude new investment deals for upgrading refineries The changes do not apply to deals made prior to the decree’s entry into forceMOSCOW, September 25. /TASS/. The Russian government has greenlighted amendments permitting oil companies to enter into new investment agreements on the creation of production facilities for obtaining investment premium on reverse oil excise tax. According to a statement by the cabinet of ministers, a relevant decree was signed on September 22. "These amendments enable oil companies that have not previously entered into investment agreements, to conclude new investment deals between January 1, 2026, and September 30, 2026," the Energy Ministry explained. The commissioning period has been extended through 2033 in new investment agreements. The decree also amends the form of investment agreement and the rules for its conclusion. The changes do not apply to deals made prior to the decree’s entry into force. Russian Deputy Finance Minister Alexey Sazanov said earlier that companies that had not previously entered into investment deals on oil refineries’ modernization would be granted such an opportunity by the middle of 2026. The right to conclude new agreements does not extend to plants that already have valid investment agreements with the Energy Ministry, excluding refineries that have fulfilled their previous obligations, he added. 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